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Strongest Second Quarter on Record for Nashville Area Housing Market

NASHVILLE, Tenn. (July 7, 2017) – There were 3,887 homes sold in the month of June, according to figures provided by Greater Nashville REALTORS®. That figure is up 0.4 percent compared to the 3,869 closings reported for June 2016.

Second-quarter closings are 11,155, a 2.8 percent increase from the 10,851 closings reported through the second quarter of 2016. Year-to-date closings for Greater Nashville are up 5.6 percent with 19,493 closings compared to the 18,452 closings reported through midyear 2016.

“The second quarter was our housing market’s strongest on record,” said Greater Nashville REALTORS® President Scott Troxel. “The last time our market performed this well in the second quarter was 2006, with 11,046 closings. We’re a few units short of being ahead of midyear 2006, but with half a year left for sales, I suspect we’ll come close to the 2006 record of more than 40,000 annual closings.

“Closings for the month of June were virtually flat. This is no surprise given the current disparity between supply and demand in the market.”

A comparison of sales by category for June is:

2016

2017

CLOSINGS

3,869

3,887

Residential

3,188

3,263

Condominium

470

418

Multi-Family

33

18

Farms/Land/Lots

178

188

A comparison of sales by category for the second quarter is:

2016

2017

CLOSINGS

10,851

11,155

Residential

8,948

9,210

Condominium

1,238

1,234

Multi-Family

74

85

Farms/Land/Lots

591

626

A report for midyear is:

YTD 2016

YTD 2017

CLOSINGS

18,452

19,493

Residential

15,244

15,975

Condominium

2,069

2,230

Multi-Family

143

177

Farms/Land/Lots

996

1,111

The median residential price for a single-family home during June was $293,753, and for a condominium it was $199,350. Last year’s median residential and condominium prices for June were $260,148 and $186,495, respectively.

There were 3,914 properties under contract at the end of June, compared with 3,863 at this time last year. The average number of days on the market for a single-family home was 25 days.

Inventory at the end of June was 8,842, down from 9,865 in June 2016. The current inventory of properties by category, compared to last year, is:

2016

2017

INVENTORY

9,865

8,842

Residential

6,288

5,859

Condominium

542

507

Multi-Family

87

62

Farms/Land/Lots

2,948

2,414

"The data for June and second quarter home sales prove our market has the necessary stamina to continue forward,” said Troxel. “Even with challenges, buyer demand is still strong and homeownership remains a priority for many of our residents. Working with a Realtor who brings knowledge, experience and professionalism to the transaction helps to remove any anxiety a buyer or seller may have about finding success in one of the country’s most thriving markets.”